WeWork, the fast-growing co-working company recently valued at $20 billion, has launched an aggressive campaign to lure prospective tenants away from its competitors.

In the past week, the firm has begun offering up to one year of free rent at several of its locations around the city. An email sent to prospective clients also suggests WeWork will help cover costs of existing leases.

“Stuck in a current contract? No worries, we’ll work with you to find a solution so that you can take advantage of this offer,” the email reads. “It’s our friendly way of welcoming you into the WeWork community.” The offer appears to be a bold effort by the co-working giant to undercut rivals, including Knotel, a newer firm that earlier this month launched its own marketing campaign by parking school buses painted with Knotel’s logo outside WeWork locations and promising tenants the chance to “graduate from co-working.”

In an email addressed to its members that was forwarded to Crain’s, Knotel confirmed that WeWork has targeted its clients with the free offer.

“Our members are not returning [to WeWork]—they have been at WeWork, and they know that what Knotel provides: tailored, flexible HQs built for fast-growing, culture-rich companies like yours,” the email reads.

A leasing representative at WeWork told Crain’s that the free-rent offer was available at 10 Manhattan locations and three in Brooklyn. Tenants who enter a two-year contract receive a year of free rent, and those who commit to a yearlong term are entitled to six months of free rent, the representative said. “We have built a vibrant community in New York and beyond and continue to expand every month,” the representative said. “We believe that our offering is unique and exciting, and want to make it easy and enticing for as many people as possible to join our growing global community.”

WeWork has positioned its offer as “available to the first 100 companies that join,” but a co-working executive who spoke to Crain’s on the condition of anonymity, said he suspected that the firm would accept many more. The executive feared WeWork, which has raised billions of dollars from private investors, was seeking to initiate a brutal price war that could crush less-well-capitalized competitors.

“It’s insane,” the executive said. “They’re trying to dominate the market and bully others out of the co-working business.”

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